Import Payment through Online Payment Gateway Service Providers?
As you know any amount receivable to India against exports and any amount payable by India on account of Imports is regulated by Reserve Bank of India, RBI who acts as banker’s bank in India. So you are liable to answer to RBI for any foreign inward remittance and foreign outward remittance.
Telecommunication and digital world changed world a lot in turn Indian imports and exports widely for the past few years. The Online Payment Gateway Service Providers also plays a major role in acting as a middle man to transfer money digitally inside country and foreign.
What are the latest rules of RBI if import processing of payment through OPGSP (Online Payment Gateway Service Providers)?
According to Reserve Bank,
“Processing of import related payments through Online Payment Gateway Service Providers (OPGSPs) AD Category-l banks have been permitted to offer facility of payment for imports of goods and software of value not exceeding USD 2,000 by entering into standing arrangements with the OPGSPs subject to the following:-
(a) The balances held in the Import Collection account shall be remitted to the respective overseas exporter's account immediately on receipt of funds from the importer and, in no case, later than two days from the date of credit to the collection account.
(b) The AD Category –I bank will obtain a copy of invoice and airway bill from the OPGSP containing the name and address of the beneficiary as evidence of import and report the transaction in R-Return under the foreign currency payment head.
(c) The permitted credits in the OPGSP Import Collection account will be:
(i) collection from Indian importers for online purchases from overseas exporters electronically through credit card, debit card and net banking and
(ii) charge back from the overseas exporters.
(d) The permitted debits in the OPGSP Import Collection account will be:
(i) payment to overseas exporters in permitted foreign currency;
(ii) payment to Indian importers for returns and refunds;
(iii) payment of commission at rates/frequencies as defined under the contract to the current account of the OPGSP; and (iv) bank charges.
The above post explains about latest rules and regulations of RBI if import processing of payment through OPGSP (Online Payment Gateway Service Providers) in inward remittance from foreign country.
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